China faces increased economic risks in second half: state planner
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Judul : China faces increased economic risks in second half: state planner
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"Targets on economic growth, employment, inflation, exports and imports can be achieved with persistence," the Standing Committee of the National People's Congress said on Tuesday, according to a statement from the National Development and Reform Commission (NDRC). Website.
"However, achieving the targets of increased consumption, greater social financing and disposable income in cities will require more effort."
China's economy, burdened by financial costs, had slowed even before trade tensions with Washington escalated, investment growth peaked and consumers became more cautious about spending.
Beijing is accelerating infrastructure spending and helping small businesses avoid a deep recession, even as policymakers fear adding to the debt pile created by previous stimulus packages.
The targets for economic growth, employment, inflation, exports and imports can be achieved with hard work," Lifeng told the Standing Committee of the National People's Congress on the website of the National Development and Reform Commission on Tuesday.
"However, achieving the targets of increased consumption, greater social financing and disposable income in cities will require more effort."
China's economy, burdened by financial costs, had slowed even before trade tensions with Washington escalated, investment growth peaked and consumers became more cautious about spending.
Beijing is accelerating infrastructure spending and helping small businesses avoid a deep recession, even as policymakers fear adding to the debt pile created by previous stimulus packages.
Stimulating domestic demand is a priority as exports may fall sooner or later, but rising asset prices are increasing household debt and forcing consumers to spend less. China's disposable income is also growing more slowly.
As in 2017, policymakers have set a target of 10 percent retail sales growth for the entire year, but this year that level was reached in just one month. Income growth in recent months has been the weakest since 2003.
"Some of the targets face major challenges in the second half of the year," said Julian Evans-Pritchard, chief China economist at Capital Economics. But I don't understand the meaning of today's statement that they are moving towards a solid easing.
"I don't think the tension between the two goals - one is a debt reduction campaign and the other is achieving economic growth targets - is unresolved."
In the trade sector, China should strive to expand exports and increase imports.
US and Chinese officials last week ended talks with little progress, leading to another round of tariffs. Washington is expected to impose more extensive sanctions by the end of September.
You are now reading the article China faces increased economic risks in second half: state planner with link address https://veronikatomczak.blogspot.com/2022/08/china-faces-increased-economic-risks-in.html
Judul : China faces increased economic risks in second half: state planner
China faces increased economic risks in second half: state planner
BEIJING (Reuters) - China's economy faces growing risks in the second half of the year and policymakers must step up efforts to meet key growth targets, the head of the country's planning authority has warned."Targets on economic growth, employment, inflation, exports and imports can be achieved with persistence," the Standing Committee of the National People's Congress said on Tuesday, according to a statement from the National Development and Reform Commission (NDRC). Website.
"However, achieving the targets of increased consumption, greater social financing and disposable income in cities will require more effort."
China's economy, burdened by financial costs, had slowed even before trade tensions with Washington escalated, investment growth peaked and consumers became more cautious about spending.
The targets for economic growth, employment, inflation, exports and imports can be achieved with hard work," Lifeng told the Standing Committee of the National People's Congress on the website of the National Development and Reform Commission on Tuesday.
"However, achieving the targets of increased consumption, greater social financing and disposable income in cities will require more effort."
China's economy, burdened by financial costs, had slowed even before trade tensions with Washington escalated, investment growth peaked and consumers became more cautious about spending.
Beijing is accelerating infrastructure spending and helping small businesses avoid a deep recession, even as policymakers fear adding to the debt pile created by previous stimulus packages.
Stimulating domestic demand is a priority as exports may fall sooner or later, but rising asset prices are increasing household debt and forcing consumers to spend less. China's disposable income is also growing more slowly.
As in 2017, policymakers have set a target of 10 percent retail sales growth for the entire year, but this year that level was reached in just one month. Income growth in recent months has been the weakest since 2003.
"Some of the targets face major challenges in the second half of the year," said Julian Evans-Pritchard, chief China economist at Capital Economics. But I don't understand the meaning of today's statement that they are moving towards a solid easing.
"I don't think the tension between the two goals - one is a debt reduction campaign and the other is achieving economic growth targets - is unresolved."
structural challenges
The NDRC chairman attributed the growing problem to long-term structural challenges in the economy and external risks.In the trade sector, China should strive to expand exports and increase imports.
US and Chinese officials last week ended talks with little progress, leading to another round of tariffs. Washington is expected to impose more extensive sanctions by the end of September.
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